You have a great idea; something that you’re passionate about and that you believe will bring you success. Now, the only thing left to do is to turn that idea into a reality. But, of course, most often that’s easier said than done. There’s a lot that goes into building a new business, and even more that goes into maintaining and scaling a better business.

With so much information out there about how to get started, it’s only natural to become overwhelmed. However, by remaining motivated, organized, and seeking the right guidance from professionals, the task ahead can become a lot simpler. Here are some of the key factors that come with starting a business.

Making a Business Plan

A business plan is vital to the success of your operation. It’s the plan that keeps your idea rooted in reality, in addition to being the blueprint that will guide you. A business plan is important for pitching to investors and for turning your idea into a comprehensive and realistic strategy that will assist you in obtaining the financing you need to push your idea ahead. Having an organized plan will also help you stay mindful of your goals and strategy for achieving success.

Startup Costs

You’ll need to calculate the initial startup costs, so you know how much capital you will need to get your business off the ground. Startup costs include licenses, permits, equipment, legal fees, insurance, branding, market research, inventory, promotion, property and rent, utilities, supplies, employees, and more. It’s important that you’ve calculated the necessary funds you need to both get started and keep yourself covered before you begin turning a profit.

Obtaining Financing

Once you’ve calculated how much you will need, you can start trying to obtain financing from investors and banks. Your approach will depend on how much money you’ll need to get started, and the type of business you’re starting. This could be through financing, small business loans, small business grants, or crowd funding. Whatever you choose, make sure it’s best for you and your business.

Promotion

How you brand your small business will greatly impact its success. Doing your research on your target market and choosing everything—from your business’s name and design elements to the products or services you plan on offering—with this target in mind, will be both helpful for selling your ideas to investors and instrumental in breaking you into the market. You probably won’t actively promote your business until much later, but you need to think about this as you launch your new endeavor.

Now that you have an overview of the initial steps of building your business, it’s time to go out, research even more, and begin making a plan of attack. Visit your local government’s website to learn how your state assists small businesses and consider hiring consultants to help you along the way. So, take a deep breath and go out there and build your business!

References & Further Research:

Gregory, Alyssa. “How to Evaluate a Business Idea Before Taking the Plunge.”thebalance.com. https://www.thebalance.com/how-to-qualify-a-business-idea-2951452 (accessed July 16, 2017).

“How to start a business.”U.S. Small Business Administration. https://www.sba.gov/starting-business/how-start-business (accessed July 16, 2017).

“Office of Small Business Assistance.” Sos.oregon.gov. http://sos.oregon.gov/business/Pages/office-small-business-assistance.aspx (accesssed July 16, 2017).